Forte Capital LLC ADV Sells 2,621 Shares of Adobe Inc. (NASDAQ:ADBE)

Forte Capital LLC ADV cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 8.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 29,180 shares of the software company’s stock after selling 2,621 shares during the quarter. Adobe accounts for 1.5% of Forte Capital LLC ADV’s holdings, making the stock its 19th largest position. Forte Capital LLC ADV’s holdings in Adobe were worth $12,976,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in ADBE. Connable Office Inc. increased its holdings in Adobe by 0.5% during the 3rd quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock worth $1,932,000 after acquiring an additional 20 shares during the period. 1ST Source Bank increased its holdings in Adobe by 0.7% during the 3rd quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock worth $1,496,000 after acquiring an additional 20 shares during the period. James J. Burns & Company LLC increased its holdings in Adobe by 5.6% during the 3rd quarter. James J. Burns & Company LLC now owns 415 shares of the software company’s stock worth $215,000 after acquiring an additional 22 shares during the period. Holistic Financial Partners increased its holdings in Adobe by 6.0% during the 3rd quarter. Holistic Financial Partners now owns 387 shares of the software company’s stock worth $200,000 after acquiring an additional 22 shares during the period. Finally, Latitude Advisors LLC increased its holdings in Adobe by 4.3% during the 3rd quarter. Latitude Advisors LLC now owns 555 shares of the software company’s stock worth $287,000 after acquiring an additional 23 shares during the period. 81.79% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

ADBE has been the topic of a number of analyst reports. StockNews.com lowered shares of Adobe from a “strong-buy” rating to a “buy” rating in a report on Thursday. Sanford C. Bernstein decreased their target price on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Piper Sandler decreased their target price on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. Citigroup cut their price target on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research note on Monday, December 9th. Finally, Wells Fargo & Company cut their price target on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $570.88.

Insider Activity at Adobe

In other Adobe news, Director Amy Banse sold 606 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the transaction, the director now directly owns 32,929 shares in the company, valued at $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Scott Belsky sold 922 shares of the company’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $437.28, for a total transaction of $403,172.16. Following the completion of the transaction, the executive vice president now owns 22,153 shares of the company’s stock, valued at approximately $9,687,063.84. The trade was a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,681 shares of company stock worth $2,525,126. 0.15% of the stock is owned by company insiders.

Adobe Stock Down 0.5 %

NASDAQ:ADBE opened at $454.69 on Friday. The firm has a market cap of $197.93 billion, a P/E ratio of 36.67, a P/E/G ratio of 2.25 and a beta of 1.31. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $587.75. The firm has a 50-day simple moving average of $440.89 and a two-hundred day simple moving average of $494.61.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.67 by $0.14. The company had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same period in the previous year, the business posted $3.52 earnings per share. Analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

About Adobe

Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.